KUALA LUMPUR, Oct 6 — DRB-Hicom Bhd announced that Perusahaan Otomobil Nasional Sdn Bhd (PONSB) has received research and development (R&D) reimbursement grant for RM1.1 billion from Ministry of Finance.
In a filing to Bursa Malaysia today, DRB-Hicom said as was announced on June 22 this year, PONSB would use the grant proceeds to deleverage to the maximum extent by reducing its existing financial liabilities.
PONSB is the manufacturing arm of national carmaker, Proton Holdings Bhd.
It said PONSB intended to fully settle its syndicated loan facility and thereafter help Proton to part settle its shareholders’ advance due to DRB-Hicom from the remaining funds of the R&D reimbursement grant. — Bernama
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